- Raymond James downgraded PolyPid Ltd (NASDAQ:PYPD) from Strong Buy to Outperform post SHIELD I Phase 3 results that, despite consistency and evidence of efficacy demonstrated to date, failed to achieve the primary endpoint.
- It lowered the price target from $15 to $4.
- The analyst says that though the price reaction was not surprising, it has marked valuation down to effectively cash, the traditional initial stopping point in sell-offs.
- Related: PolyPid’s Lead Program Flunks Abdominal Surgery Study, Shares Tank.
- The analyst reduced the associated probability of success based on elevated regulatory uncertainty from 80% POS to 20%.
- Raymond James also notes that the Data Safety Monitoring Board conducted an interim analysis and recommended early cessation of trial recruitment, an action believed to signal a favorable full readout in light of historical 60%-plus efficacy rates.
- The analyst says that as PolyPid can further expand to other drug actives utilizing its proprietary PLEX technology platform, the current price levels afford attractive accumulation points, with multiple upcoming inflection points for investors.
- Price Action: PYPD shares are down 16.1% at $1.20 on the last check Tuesday.
China Keeps Interest Rates Unchanged Amid Economic Uncertainty To Stabilize The Yuan And Manage Liquidity
In a recent note, analysts at Bernstein have projected that the price of Bitcoin will surge to $500,000 by 2029, driven by the increasing demand for Bitcoin ETFs.
